The black market of the fresh currency notes is flourishing in the city as branches of the commercial banks are refusing provision of fresh currency notes of the denomination of Rs 5, 10 and 20 on the pretext of unavailability to the people.
Thousands of people, particularly the account holders, when they visit the branches of their banks, return empty handed after the employees tell them that they have no fresh currency notes for distribution among the people. No one, even the common man, looking for the currency notes or the officials of the banks, know about the criteria or qualification for getting the facility.
Muslims throughout the world give money as Eid gift to the members of their families in general and children and women in particular. The people give Eidi in form of a currency notes of small denominations. The currency notes worth Rs 5, 10 and 20 are mostly distributed among the small children on the day of the Eid.
The State Bank of Pakistan (SBP) every year circulates billions of rupees fresh currency notes among both public and private sector commercial banks for distribution among the depositors and general public. This year the central bank had reportedly circulated more than Rs 4 billion currency notes to the commercial banks for this purpose.
Besides the branches of the commercial banks, the registry offices of the central bank are another source of the distribution of the currency notes among the general public. However, this year despite the issuance of the huge amount of fresh currency notes, none of the branch is ready to distribute it on merit and the lucky persons getting the facility are mostly the blue-eyed persons of the senior bankers or near and dear ones of the managers of the branches of commercial banks.
The standard of the officials of the branches remain totally different. "The stock of fresh currency notes provided to our branch has finished and more would be available on Monday or Tuesday," said Mr Kifayat, an official of the Muslim Commercial Bank (MCB) Mall Road Branch.
The official of another bank in Peshawar City also said sorry when requested for the payment of the fresh currency notes. He said that they have no criteria for the distribution of the currency notes. However, when asked that where the currency notes go, he harshly replied that the question should be put up before President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani.
The nepotism and favouritism shown by the officials of the bank branches are flourishing the black market of the fresh currency notes. Millions of fresh currency notes are available on the footpaths of the city and cantonment areas of the provincial metropolis. But are not available for the general public, rather the account holders of the bank branches are also deprived of it.
Some officials in central bank as well as in branches of various commercial banks are earning millions of rupees through black marketing the fresh currency notes in the market. The fresh currency notes have become hot cake for the people and black marketers are getting 30 per cent commission by selling the fresh currency notes of the denomination of Rs 5, 15 and 20 and 20 percent on currency notes of Rs 10 and 20 in the open market.
In this connection when this scribe contacted the office of the Chief Manager SBP, Peshawar and Currency Officer, both were not available for the comments. However, an official on condition of anonymity said that the central bank believes in the judicious distribution of fresh currency notes.
He said that each branch of the commercial banks had been provided 9 bundles of fresh currency notes. Each bundle, he said has 90 packets each of the denomination of Rs 5, 10 and 20. He said that the registry office of the central bank is also distributing fresh currency notes from its counter. He said that central bank this year has made the showing of the National Identity Card (NIC) mandatory for the people seeking fresh currency notes.
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